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Bai t p mn Kinh t u t
Link topic: http://www.svktqd.com/forum/showthread.php?t=184591
Bai 1:
Mt d n cn huy ng 2800 t ng thc hin u t. Thi gian thc hin u t l 3
nm. K t khi d n i vo hot ng, doanh thu d kin hng nm l 900 t ng. Chi ph
vn hnh hng nm ( cha k khu hao v li vay) d kin l 350 t ng. Ngoi ra c 5 nm
phi sa cha ln mt ln, mi ln ht 250 t ng. Thi gian vn hnh, khai thc d n l 20
nm. Gi tr thanh l l 500 t ng. Nu vn u t l vn i vay, tnh li sut vay vn cao nht
d n c th chp nhn c ? ~~~11.88%
Gii:
-

Chn nm gc l nm d n i vo hot ng: u nm th 4, cui nm th 3.

Ivo = 2800.(1+r)3

n=20 nm, c 5 nm sa cha 1 ln => sa cha 3 ln.

NPV = -Ivo + (900-350) . [ (1+r)20 - 1] / [ r.(1+r)20 ] - 250/(1+r)5 250/(1+r)10 250/

(1+r)15 + 500/(1+r)20.

Li sut vay vn cao nht d n c th chp nhn c chnh l IRR.

La chn: r1 = 11.5%. r2 = 12%. => NPV1 = 137,648 (t ng); NPV 2 = - 41,795 (t

ng).

C: IRR = r1 + [NPV1 * (r2 r1)]/ (NPV1 NPV2) => IRR = 11.88%.

Bai 2:
Mt doanh nghip vay vn thc hin u t nh sau:
Ngun u t
S tin vay
K hn
Li sut vay tng ngun
Ngun 1
390 t ng
Nm
17% nm
Ngun 2
400 t ng
Nm
18% nm
Ngun 3
210 t ng
Nm
20% nm
D kin nm th ba k t khi vay vn d n i vo hot ng. Gi s t khi d n i vo
hot ng, doanh thu thu c hng nm l 350 t ng v chi ph cc loi hng nm to
ra doanh thu trn l 70 t ng (cha tnh khu hao v li vay). Gi tr cn li d kin bng
0. Tnh thi hn thu hi vn u t (T). ~~~13.72 nm.

Gii:
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Chn nm gc l nm d n i vo hot ng: u nm th 3, cui nm th 2.

Xt ngun 1: PV1 = 390 (t ng), rnm = 17% nm.

=> FV1 = 390*(1+0.17)2 = 533,871 (t ng)

- Xt ngun 2: PV2 = 400 (t ng), rnm = 18% nm.

=> FV2 = 400*(1+0.18)2 = 556,96 (t ng).
- Xt ngun 3: PV3 = 210 (t ng), rnm = 20% nm.
=> FV3 = 210*(1+0.2)2 = 302,4 (t ng).
- => IVo = Tng FVi = 1393,231 (t ng).
-

Tnh t sut chit khu: r = (390.17% + 400. 18% + 210. 20%)/1000 = 18.03%.

Tng CFipv t 1 ti T = IVo

- 1393,231 + (350-70). [ (1+0,1803)T - 1] / [ 0,1803.(1+0,1803)T ] = 0

1,1803T = 9.72 => T = 13.72 nm.
Bai 3:
Mt doanh nghip vay vn thc hin u t nh sau:
Ngun u t
S tin vay
K hn
Li sut vay tng ngun
Ngun 1
400 t ng
qu
1,3% thng
Ngun 2
350 t ng
6 thng
1,2% thng
Ngun 3
250 t ng
Nm
1,1% thng
Khi vay vn d n i vo hot ng, doanh thu d kin hng nm l 340 t ng v chi ph
cc loi hng nm to ra doanh thu trn l 65 t ng (cha tnh khu hao v li vay).
Ngoi ra c 5 nm li sa cha ln mt ln, mi ln ht 80 t ng. Tui th d n l 20
nm.Gi tr cn li d kin bng 250 t ng. Tnh thu nhp hin ti thun NPV
~~~654.2526 t ng.
Gii:
- Chn nm gc l nm d n i vo hot ng: k t khi vay vn.
-

n=20 nm, c 5 nm sa cha ln 1 ln => sa cha ln 3 ln.

Xt ngun 1: PV1 = 400 (t ng), rthng = 1,3% thng => rqu = 1,3%*3 = 3,9%.
=> rnm = (1+0,039)4 1 = 16,54%.

Xt ngun 2: PV2 = 350 (t ng), rthng = 1,2% thng. => r6 thng = 1,2%*6 = 7,2%
=> rnm = (1+0,072)2 - 1 = 14,92%.

- Xt ngun 3: PV3 = 250 (t ng), rthng = 1,1% nm.

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=> rnm = 1,1%*12 = 13,2%.
-

IVo = 400 + 350 + 250 = 1000 (t ng).

Tnh t sut chit khu: r = (400.16,54% + 350.14,92% + 250.13,2%)/1000 = 15,14%.

NPV = -IVo + (340-65) . [ (1+0.1514)20 - 1] / [ 0.1514.(1+0.1514)20 ] - 80/(1+0.1514)5

80/(1+0.1514)10 80/(1+0.1514)15 + 250/(1+0.1514)20 = 654,2526 t ng.

Bai 4:
Mt doanh nghip vay vn thc hin u t nh sau:
Ngun u t
S tin vay
K hn
Li sut vay tng ngun
Ngun 1
570 t ng
Nm
17 % nm
Ngun 2
390 t ng
Nm
22 % nm
Ngun 3
480 t ng
Nm
19 % nm
D kin nm th t k t khi vay vn d n i vo hot ng. Gi s t khi d n i vo
hot ng, doanh thu thu c hng nm l 675 t ng v chi ph cc loi hng nm to
ra doanh thu trn l 125 t ng ( cha tnh khu hao v li vay). Gi tr cn li d kin bng
0. Tnh thi hn thu hi vn u t (T).~~~10.54 nm.
Gii:
- Chn nm gc l nm d n i vo hot ng: u nm th 4, cui nm th 3.
-

Xt ngun 1: PV1 = 570 (t ng), rnm = 17% nm.

=> FV1 = 570*(1+0.17)3 = 912,92 (t ng)

- Xt ngun 2: PV2 = 390 (t ng), rnm = 22% nm.

=> FV2 = 390*(1+0.22)3 = 708,18 (t ng).
- Xt ngun 3: PV3 = 480 (t ng), rnm = 19% nm.
=> FV3 = 480*(1+0.19)3 = 808,876 (t ng).
- => IVo = Tng FVi = 2429,976 (t ng).
-

Tnh t sut chit khu: r = (570.17% + 390. 22% + 480. 19%)/1440 = 19.02 %.

Tng CFipv t 1 ti T = IVo

- 2429,976 + (675-125). [ (1+0,1902)T - 1] / [ 0,1902.(1+0,1902)T ] = 0

1,1902T = 6.26 => T = 10.54 nm.
Bai 5:

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Mt d n cn huy ng 2400 t ng thc hin u t. Khi d n i vo hot ng,
doanh thu hng nm d kin t c l 760 t ng. Chi ph vn hnh hng nm (cha k khu
hao v li vay) d kin l 300 t ng. Ngoi ra c 6 nm phi sa cha ln mt ln, mi ln ht
210 t ng. Thi gian vn hnh, khai thc d n l 24 nm. Gi tr thanh l l 420 t ng. Nu
vn u t l vn i vay, tnh li sut vay vn cao nht d n c th chp nhn c?
~~~17.98%
Gii:
-

n=24 nm, c 6 nm phi sa cha 1 ln => sa cha 3 ln.

Coi thi gian b vn u t cng l khi d n i vo hot ng v chn lm nm gc.

Li sut vay vn cao nht m d n c th chp nhn c l IRR.

C: NPV = -2400 + (760-300).[ (1+r) 24 1]/[r.(1+r)24] 210/(1+r)6 210/(1+r)12 210/

(1+r)18 + 420/(1+r)24.

Chn: r1 = 17% => NPV1= 126.865(t ng); r2 = 18% => NPV2 = -1.936 (t ng).

Thay vo cng thc ta c IRR = r1 + [NPV1 * (r2 r1)]/ (NPV1 NPV2)

=> IRR = 17.98%

Bai 6:
Mt doanh nghip vay vn thc hin u t nh sau:
Ngun u t
Ngun 1
Ngun 2
Ngun 3

S tin vay
480 t ng
550 t ng
330 t ng

K hn
qu
6 thng
Nm

Li sut vay tng ngun

1,5% thng
1,7% thng
1,3% thng

Gi s khi d n i vo hot ng, doanh thu thu c hng nm l 540 t ng v chi ph

cc loi hng nm to ra doanh thu trn l 75 t ng ( cha tnh khu hao v li vay). Ngoi
ra c 6 nm li sa cha ln mt ln, mi ln ht 100 t ng. Thi gian vn hnh, khai thc d
n l 24 nm.Gi tr cn li d kin bng 150 t ng. nh gi tnh kh thi ca d n theo ch
tiu (NPV) ~~~971,387 (t ng)
Gii:
- Gi s lc vay vn cng l lc d n di vo hot ng.
-

Xt ngun vn 1: rthng = 1.5% => rqu, k hn qu = 1.5%*3 = 4.5%.

rnm = (1 + rqu)4 1 = 19.25%.

Xt ngun vn 2: rthng = 1.7% => r6 thng = 1.7%*6 = 10.2%.

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rnm = (1 + r6 thng)2 -1 = 21.44%.
-

Xt ngun vn 3: rthng = 1.3% => rnm = 1.3%*12 = 15.6%.

Tnh t sut chit khu bnh qun: r = (480.0,1925 + 550.0,2144 + 330.0,156)/1360=19.25%

C: NPV = -1360 + (540-75).[(1+0.1925)24 -1]/[0,1925.(1+0,1925)24] 100/(1+0.1925)6

100/(1+0,1925)12 100/(1+0.1925)18 + 150/(1+0.1925)24 = 971,387 (t ng).

Bai 7:
C s liu v cc d n nh sau:
Tn
Tng NNVA
d n
(1000$)
A
4800
B
3600
C
6000

Mc tiu
Tng s vic lm
(ngi)
840
960
720

Cc ngun lc khan him

Vn u t Lao ng k thut
(1000$)
2400
3600
4800

(ngi)
180
240
120

Tnh ch tiu hiu qu tng hp ca tng d n v chn d n tt nht . Bit rng:

+ Trng s tm quan trng ca tng NNVA l 0,6
+ Trng s tm quan trng ca vn u t l 0,8
Gii:
-

C: a1 = 0,6 => a2 = 0,4; b1 = 0,8 => b2 = 0,2;

C: U1 = 6000; U2 = 960; R1 = 4800; R2 = 240.

Xc nh mc p ng tng i cc mc tiu ca d n v mc p ng tng

i ngun lc ca d n:
uik = Uik / Ui

rjk = Rjk / Rj

Mc tiu

Cc ngun lc khan him

Tn
d n

Tng NNVA

Tng s vic lm

Vn u t

Lao ng k thut

A
B
C

0,8
0,6
1,0

0,875
1,0
0,75

0,5
0,75
1,0

0,75
1,0
0,5

Xc nh li ch tng i ca cc d n (u k) v ngun lc s dng tng i ca cc d

n (rk).
uk = Tng ai.uik

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rk = Tng bj.rjk
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Ch tiu/D n

Li ch tng i uk

0,83

0,76

0,9

Ngun lc sd tng i rk

0,55

0,8

0,9

Xc nh ch tiu hiu qu tng hp ca cc d n v ra quyt nh:

EA = uA/rA = 0,83/0,55 = 1,509.

EB = uB/rB = 0,76/0,8 = 0,95
EA = uC/rC = 0,9/0,9 = 1
Vy chn d n A.
Bai 8:
C s liu v cc d n nh sau:
Mc tiu
Tn
Tng NNVA
Tng s vic lm
d n
(1000$)
(ngi)
A
1500
700
B
2500
800
C
3500
600

Cc ngun lc khan him

Vn u t
(1000$)

Lao ng k thut
(ngi)

1000
800
600

150
200
100

Tnh ch tiu hiu qu tng hp ca tng d n v chn d n tt nht . Bit rng:

+ Trng s tm quan trng ca tng NNVA l 0,7
+ Trng s tm quan trng ca vn u t l 0,6
Gii:
-

C: a1 = 0,7 => a2 = 0,3; b1 = 0,6 => b2 = 0,4;

C: U1 = 3500; U2 = 800; R1 = 1000; R2 = 200.

Xc nh mc p ng tng i cc mc tiu ca d n v mc p ng tng

i ngun lc ca d n:
uik = Uik / Ui

rjk = Rjk / Rj

Mc tiu

Cc ngun lc khan him

Tn
d n

Tng NNVA

Tng s vic lm

Vn u t

Lao ng k thut

A
B
C

0,429
0,714
1,000

0,875
1,000
0,75

1,000
0,8
0,6

0,75
1,000
0,5

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Xc nh li ch tng i ca cc d n (u k) v ngun lc s dng tng i ca cc d

n (rk).
uk = Tng ai.uik

rk = Tng bj.rjk

Ch tiu/D n

Li ch tng i uk

0,5628

0,7998

0,925

Ngun lc sd tng i rk

0,9

0,88

0,56

Xc nh ch tiu hiu qu tng hp ca cc d n v ra quyt nh:

EA = uA/rA = 0,5628/0,9 = 0,6253.

EB = uB/rB = 0,7998/0,88 = 0,9088.
EA = uC/rC = 0,925/0,56 = 1,652.
Vy chn d n C.
Bai 9:
C s liu v cc d n nh sau:
Tn
Mc tiu
Tng NNVA Tng s vic lm
d
(1000$)
(ngi)
n
A
5400
780
B
4600
960
C
6000
720

Cc ngun lc khan him

Vn u t Lao ng k thut
(1000$)
(ngi)
3000
220
3900
240
5400
150

Tnh ch tiu hiu qu tng hp ca tng d n v chn d n tt nht . Bit rng:

+ Trng s tm quan trng ca tng NNVA l 0,7
+ Trng s tm quan trng ca vn u t l 0,8
Gii:
-

C: a1 = 0,7 => a2 = 0,3; b1 = 0,8 => b2 = 0,2;

C: U1 = 6000; U2 = 960; R1 = 5400; R2 = 240.

Xc nh mc p ng tng i cc mc tiu ca d n v mc p ng tng

i ngun lc ca d n:
uik = Uik / Ui

rjk = Rjk / Rj

Mc tiu

Cc ngun lc khan him

Tn
d n

Tng NNVA

Tng s vic lm

Vn u t

Lao ng k thut

0,9

0,8125

0,556

0,9167

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B
C
-

0,767
1,00

1,00
0,75

0,722
1,00

1,00
0,625

Xc nh li ch tng i ca cc d n (u k) v ngun lc s dng tng i ca cc d

n (rk).
uk = Tng ai.uik

rk = Tng bj.rjk

Ch tiu/D n

Li ch tng i uk

0,874

0,8369

0,925

Ngun lc sd tng i rk

0,628

0,7776

0,925

Xc nh ch tiu hiu qu tng hp ca cc d n v ra quyt nh:

EA = uA/rA = 0,874/0,628 = 1,392.

EB = uB/rB = 0,8369/0,7776 = 1,076.
EA = uC/rC = 0,925/0,925 = 1.
Vy chn d n A.
Bai 10:
C s liu v cc d n nh sau:
Mc tiu
Tn
Tng NNVA
Tng s vic lm
d n
(1000$)
(ngi)
A
6000
1100
B
5200
860
C
4600
720

Cc ngun lc khan him

Vn u t Lao ng k thut
(1000$)
(ngi)
5400
220
4500
240
3700
150

Tnh ch tiu hiu qu tng hp ca tng d n v chn d n tt nht . Bit rng:

+ Trng s tm quan trng ca tng NNVA l 0,8
+ Trng s tm quan trng ca vn u t l 0,7
Gii:
-

C: a1 = 0,8 => a2 = 0,2; b1 = 0,7 => b2 = 0,3;

C: U1 = 6000; U2 = 1100; R1 = 5400; R2 = 240.

Xc nh mc p ng tng i cc mc tiu ca d n v mc p ng tng

i ngun lc ca d n:
uik = Uik / Ui
Mc tiu

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rjk = Rjk / Rj
Cc ngun lc khan him
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Tn
d n
A
B
C
-

Tng NNVA

Tng s vic lm

Vn u t

Lao ng k thut

1,00
0,867
0,767

1,00
0,782
0,655

1,00
0,833
0,685

0,9167
1,00
0,625

Xc nh li ch tng i ca cc d n (u k) v ngun lc s dng tng i ca cc d

n (rk).
uk = Tng ai.uik

rk = Tng bj.rjk

Ch tiu/D n

Li ch tng i uk

1,00

0,85

0,7446

Ngun lc sd tng i rk

0,975

0,883

0,667

Xc nh ch tiu hiu qu tng hp ca cc d n v ra quyt nh:

EA = uA/rA = 1,00/0,975 = 1,026.

EB = uB/rB = 0,85/0,883 = 0,963.
EA = uC/rC = 0,7446/0,667 = 1,116.
Vy chn d n C.
Bai 11:
C s liu v cc d n nh sau:
Tn
Mc tiu
d Tng NNVA Tng s vic lm
(1000$)
(ngi)
n
A
5200
780
B
3900
840
C
4200
710
C

Cc ngun lc khan him

Vn u t Lao ng k thut
(1000$)
(ngi)
4200
210
5100
250
4700

180

Tnh ch tiu hiu qu tng hp ca tng d n v chn d n tt nht . Bit rng:

+ Trng s tm quan trng ca tng NNVA l 0,65
+ Trng s tm quan trng ca vn u t l 0,75
Gii:
-

C: a1 = 0,65 => a2 = 0,35; b1 = 0,75 => b2 = 0,25;

C: U1 = 5200; U2 = 840; R1 = 5100; R2 = 250.

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Xc nh mc p ng tng i cc mc tiu ca d n v mc p ng tng

i ngun lc ca d n:
uik = Uik / Ui

rjk = Rjk / Rj

Mc tiu

Cc ngun lc khan him

Tn
d n

Tng NNVA

Tng s vic lm

Vn u t

Lao ng k thut

A
B
C

1,00
0,75
0,807

0,928
1,00
0,845

0,823
1,00
0,921

0,84
1,00
0,72

Xc nh li ch tng i ca cc d n (u k) v ngun lc s dng tng i ca cc d

n (rk).
uk = Tng ai.uik

rk = Tng bj.rjk

Ch tiu/D n

Li ch tng i uk

0,9748

0,8375

0,82

Ngun lc sd tng i rk

0,827

1,00

0,87

Xc nh ch tiu hiu qu tng hp ca cc d n v ra quyt nh:

EA = uA/rA = 0,9748/0,827 = 1,179.

EB = uB/rB = 0,8375/1,0 = 0,8375.
EA = uC/rC = 0,82/0,87 = 0,942.
Vy chn d n A.
Bai 12:
C s liu v cc d n nh sau:
Mc tiu
Tn
Tng NNVA Tng s vic lm
d n
(1000$)
(ngi)
A
4300
840
B
5600
960
C
6700
720

Cc ngun lc khan him

Vn u t
Lao ng k thut
(1000$)
(ngi)
1400
180
1200
240
2200
120

Tnh ch tiu hiu qu tng hp ca tng d n v chn d n tt nht . Bit rng:

+ Trng s tm quan trng ca tng NNVA l 0,65
+ Trng s tm quan trng ca vn u t l 0,85
Gii:
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C: a1 = 0,65 => a2 = 0,35; b1 = 0,85 => b2 = 0,15;

C: U1 = 6700; U2 = 960; R1 = 2200; R2 = 240.

Xc nh mc p ng tng i cc mc tiu ca d n v mc p ng tng

i ngun lc ca d n:
uik = Uik / Ui

rjk = Rjk / Rj

Mc tiu

Cc ngun lc khan him

Tn
d n

Tng NNVA

Tng s vic lm

Vn u t

Lao ng k thut

A
B
C

0,642
0,836
1,00

0,875
1,00
0,75

0,636
0,545
1,00

0,75
1,00
0,5

Xc nh li ch tng i ca cc d n (u k) v ngun lc s dng tng i ca cc d

n (rk).
uk = Tng ai.uik

rk = Tng bj.rjk

Ch tiu/D n

Li ch tng i uk

0,7235

0,8934

0,9125

Ngun lc sd tng i rk

0,6531

0,613

0,925

Xc nh ch tiu hiu qu tng hp ca cc d n v ra quyt nh:

EA = uA/rA = 0,7235/0,6531 = 1,1078.

EB = uB/rB = 0,8934/0,613 = 1,457.
EA = uC/rC = 0,9125/0,925 = 0,986.
Vy chn d n B.
Bai tp: 1 ch u t d inh xd 1 ca hng kinh doanh in t. Chi ph t ban u gm chi
ph xd l 3t v chi ph mua in t l 4t. C vo cui mi nm, phi b ra chi ph 60tr
Doanh thu cui nm 1 400tr
Doanh thu cui nm 2 650tr
Doanh thu k t cui nm 3 n ht i d n u n lin tc 1800tr mi nm. Thi gian hot
ng l 20nm k t khi .t xd . Gi tr thanh l l 1t. t sut chit khu 10%/nm
a, c nn t d n ny hay khng.
b, Nu ch u t gp ton b vn ( 7 t ) cho cty xd A th c li 8%/nm. Vy nn xd kinh
doanh hay gp vn.
Gii:
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0___1___2___3___________________________________________________19___20
-

Chn nm d n i vo hot ng l nm gc.

C: NPV = -7000 + (400-60)/1,1 + (650-60)/1,12 + (1800 - 60).(1,118-1)/(0,1 . 1,118. 1,12 )

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